A major industrial, manufacturing, automobile and financial hub, Chennai has grown in leaps and bounds over the years to become one of South India’s fastest-growing cities. In recent times, the city has also emerged as the hotbed for the IT and ITeS sector, making it a lucrative market for real estate investment.
While the pandemic had certainly dampened the real estate market sentiments of Chennai temporarily, it has picked up the pace in the last few months. This is evident in one of the latest reports from Anarock. According to it, around 3,405 housing units were sold in Chennai in Q3 (July-September) 2021 against 1,590 units in Q2 (April to June). There was a 114% jump between Q2 and Q3 in 2021, while the surge was 113% between Q3 in 2020 and Q3 in 2021.
Interestingly, Chennai is believed to have one of the highest growth rates of infrastructure development across all metros, with increased impetus from the Government. According to the provisional unaudited figures from the Comptroller and Auditor General (CAG), Tamil Nadu’s infrastructure spending increased by about 26.7% in fiscal 2020-21 over fiscal 2019-20, with INR 32,473.76 crore in 2020-21. This was despite the pandemic
Besides this, Chennai’s housing market is similar to Bengaluru’s market – driven by end-users. A substantial amount of housing demand in Chennai comes from professionals employed in the IT/ITeS sector. From affordable and affordable-luxury houses to luxury homes, the city offers a spectrum of projects. Although the demand for affordable homes was significant during the pre-pandemic period, it is now more towards larger homes due to work-from-home (WFH) and hybrid work culture. Homes is the price bracket of INR 2.5-5 million and INR 5-7.5 million have become popular choices of homebuyers, as per a report by Knight Frank.
Moreover, the influx of several IT and financial services MNCs is expanding Chennai’s housing market considerably, developing newer markets –micro-markets. Of these, South Chennai is fast becoming a major real estate hub. The suburbs of Perumbakkam, Tambaram, Velachery, Sholinganallur, and Adyar amongst others are becoming the go-to residential markets of South Chennai, as Old Mahabalipuram Road (OMR) and ELCOT SEZ continue to augment commercial development due to their prominence as IT hubs. This, in turn, has accelerated the social and physical infrastructure development in these markets. One of the prominent projects of South Chennai is the integrated township of Greens in Perumbakkam by Ozone Group. Offering 1BHK to 4 BHK apartments, the project is replete with amenities and is ideal for real estate investment.
With continuous development on all fronts and increasing employment opportunities, Chennai offers tremendous avenue for the growth of the real estate sector, benefiting developers and homebuyers.
Find your perfect home in South Chennai with Ozone Group.
